( BW)(DC-VISA-INTERNATIONAL) Visa International to Support
International Finance Corporation's Global Credit Bureau Program;
Three Year Agreement Focuses on Credit Bureaus in Developing Economies

    Business Editors

    WASHINGTON--(BUSINESS WIRE)--Oct. 3, 2005--Visa International and
the International Finance Corporation, the private sector arm of the
World Bank Group, today announced an agreement to support the
development of credit bureaus in developing economies. Visa
International will be the first private sector organization to
contribute to IFC's Global Credit Bureau Program.
    Visa will provide financial support to IFC's Global Credit Bureau
Program in emerging and developing markets which in the first year of
the program will include Brazil, Bulgaria, Nigeria, the Philippines,
Romania, Ukraine, the United Arab Emirates, and Vietnam. Further, Visa
will provide technical support where needed, which may include sharing
expertise on credit risk management and disseminating best practices
to banks. Technical assistance funding for the Global Credit Bureau
Program is also provided by the governments of Australia, Italy, the
Netherlands, Norway, and IFC.
    "Visa International is committed to extending the efficiencies of
electronic payments to communities and economies around the world,"
said Christopher Rodrigues, president and CEO of Visa International.
"Electronic payments reduce underground economies, bring greater
transparency, and attract capital and consumers to the banking system.
When coupled with the judicious use of credit, electronic payment
systems can play a critical role in helping small business grow. The
development of strong credit bureaus is vital to that process."
    Assaad Jabre, IFC's acting executive vice president, said,
"Private credit bureaus are an important tool for the growth of
private sector enterprises in developing countries; yet a large number
of IFC member countries still have no, or inadequate, credit bureaus.
IFC's Global Credit Bureau Program aims to meet this critical need by
introducing international best practice in credit reporting, corporate
governance, and risk management."
    IFC is an internationally recognized leader in advancing credit
bureau development. Since 2000, it has created or significantly
improved credit bureaus in six countries, completed feasibility work
in 14 countries, and-together with the World Bank-mapped the credit
reporting infrastructure and needs in more than 100 countries.
    The program supports private credit bureau development in more
than 30 countries through feasibility studies, legal and regulatory
advice, research, public awareness projects, and long-term coaching
and support. IFC works with financial institutions to improve their
understanding of the value and use of credit information. IFC will
also address data protection and consumer rights by working with
governments, regulators, and credit bureaus, and by supporting
consumer education programs on credit reporting.
    The Global Credit Bureau Program complements IFC's efforts in
expanding access to finance to the poor and underserved. In FY05, IFC
financed more than 100 financial markets projects in 50 countries for
more than $2.2 billion. In addition, IFC provided financial markets
technical assistance in more than 130 projects in 56 countries, worth
$130 million in donor commitments as of June 2005.

    About the IFC: The International Finance Corporation is the
private sector arm of the World Bank Group and is headquartered in
Washington, D.C. IFC coordinates its activities with the other
institutions of the World Bank Group but is legally and financially
independent. Its 178 member countries provide its share capital and
collectively determine its policies.
    The mission of IFC is to promote sustainable private sector
investment in developing and transition countries, helping to reduce
poverty and improve people's lives. IFC finances private sector
investments in the developing world, mobilizes capital in the
international financial markets, helps clients improve social and
environmental sustainability, and provides technical assistance and
advice to governments and businesses. From its founding in 1956
through FY05, IFC has committed more than $49 billion of its own funds
and arranged $24 billion in syndications for 3,319 companies in 140
developing countries. For more information, visit www.ifc.org.

    About Visa: Visa connects cardholders, merchants and financial
institutions through the world's largest electronic payments network.
Visa products allow buyers and sellers to conduct commerce with ease
and confidence in both the physical and virtual worlds. As an
association owned by 21,000 member financial institutions, Visa is
committed to the sustained growth of electronic payment systems to
support the needs of all stakeholders and to drive economic growth.
For more information, visit www.corporate.visa.com.

    --30--JR/sf*

    CONTACT: Visa International
             Simon Barker, 650-432-3742
             email: globalmedia@visa.com
                 or
             International Finance Corporation
             Rita Jupe, 202-458-8967
             email: rjupe@ifc.org